Savaria Corporation (“Savaria”) (TSX: SIS), a global leader in
the accessibility industry, is pleased to announce today its
results for fiscal 2020.
Highlights of the year 2020
- Revenue
for the year was $354.5M, down $19.8M or 5.3%;
- Gross
profit was $122.1M, down $3.2M or 2.5%, representing 34.5% of
revenue compared to 33.5% in 2019;
- Adjusted
net earnings were $28.5M, or $0.56 per share on a diluted basis; up
$1.8M or 6.5%;
- Adjusted
EBITDA was $59.8M, up $4.2M or 7.5%.
in thousands of dollars, except per-share amounts and
percentages |
Q4 |
YTD |
|
2020 |
|
|
2019 |
|
Change |
|
2020 |
|
|
2019 |
|
Change |
Revenue |
$ |
90,601 |
|
$ |
96,437 |
|
(6.1 |
)% |
$ |
354,496 |
|
$ |
374,340 |
|
(5.3 |
)% |
Gross profit |
$ |
30,131 |
|
$ |
34,083 |
|
(11.6 |
)% |
$ |
122,125 |
|
$ |
125,311 |
|
(2.5 |
)% |
% of revenue |
|
33.3 |
% |
|
35.3 |
% |
n/a |
|
34.5 |
% |
|
33.5 |
% |
n/a |
Adjusted net earnings (1) |
$ |
6,851 |
|
$ |
8,834 |
|
(22.4 |
)% |
$ |
28,529 |
|
$ |
26,777 |
|
6.5 |
% |
%
of revenue |
|
7.6 |
% |
|
9.2 |
% |
n/a |
|
8.0 |
% |
|
7.2 |
% |
n/a |
Adjusted net earnings per share (1) |
$ |
0.13 |
|
$ |
0.17 |
|
(23.5 |
)% |
$ |
0.56 |
|
$ |
0.55 |
|
1.8 |
% |
Adjusted EBITDA(1) |
$ |
16,049 |
|
$ |
15,225 |
|
5.4 |
% |
$ |
59,790 |
|
$ |
55,625 |
|
7.5 |
% |
%
of revenue |
|
17.7 |
% |
|
15.8 |
% |
n/a |
|
16.9 |
% |
|
14.9 |
% |
n/a |
Adjusted EBITDA per share (1) |
$ |
0.31 |
|
$ |
0.30 |
|
3.3 |
% |
$ |
1.17 |
|
$ |
1.14 |
|
2.6 |
% |
(1) Non-IFRS measures are described in the 'Glossary' section of
the MD&A |
|
|
|
|
|
A Word from the President
“Our revenue for 2020 reached $354.5 million, a decrease of 5.3%
compared to 2019 and an increase of 24% when compared to 2018.
Adjusted EBITDA reached $59.8 million, an increase of 7.5% compared
to 2019 and of 48% over 2018,” stated Mr. Marcel Bourassa,
President and Chief Executive Officer of Savaria.
“Our financial results for 2020 were very good, especially as I
consider the many challenges we had to address related to the
pandemic, including working quickly and consistently to protect our
employees and customers. Throughout the year, our employees worked
diligently to follow safety protocols and meet production goals.
More than ever, we believe that the senior population – in excess
of 60 million just in North America – will invest in equipment to
remain in their homes, therefore supporting our Stay at Home with
Savaria™ motto.
“We entered a new chapter for Savaria on March 5, 2021 with the
acquisition of Handicare Group AB. The strength of this combination
brings us to over 2,300 employees, a global reach into more than 40
countries with over 1,000 dealers, and over 50 staff in research
and development. I believe this is a new dimension for Savaria, now
as the global leader in accessibility.
“The integration with Handicare is underway, and over the coming
months, Savaria will work with the Handicare team to develop a
strategic plan focused on accelerating innovation, growing sales,
and developing new markets. While we are still early in the
process, I am confident that Savaria will be able to deliver an
adjusted EBITDA in excess of $100 million in 2021.
“Finally, our recent financing has provided us with available
funds of more than $100 million, which allows ample flexibility to
finance further expansion projects or smaller acquisitions. I thank
all my employees and dealer partners for their extraordinary
efforts in 2020,” concluded Mr. Bourassa.
About Savaria Corporation
Savaria Corporation (savaria.com) is a global leader in the
accessibility industry. It provides accessibility solutions for the
physically challenged to increase their comfort, their mobility and
their independence. Its product line is one of the most
comprehensive on the market. Savaria designs, manufactures,
distributes and installs accessibility equipment, such as
stairlifts for straight and curved stairs, vertical and inclined
wheelchair lifts and elevators for home and commercial use. It also
manufactures and markets a comprehensive selection of pressure
management products for the medical market, medical beds for the
long-term care market, as well as an extensive line of medical
equipment and solutions for the safe handling of patients,
including ceiling lifts and slings. In addition, Savaria converts
and adapts vehicles for personal and commercial uses. The
Corporation operates a sales network of dealers worldwide and
direct sales offices in North America, Europe (UK, Netherlands,
Switzerland, Italy, Germany, Poland and Czech Republic), Australia
and China. Savaria employs approximately 2,300 people globally and
its plants are located across Canada, the United States, Europe and
China.
Compliance with International Financial Reporting
Standards (“IFRS”)
The information appearing in this press release has been
prepared in accordance with IFRS. However, Savaria uses EBITDA,
adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA per share,
adjusted net earnings and adjusted net earnings per share for
analysis purposes to measure its financial performance. These
measures have no standardized definitions in accordance with IFRS
and are therefore regarded as non-IFRS measures. These measures may
therefore not be comparable to similar measures reported by other
companies. Additional details for these non-IFRS measures can be
found in Savaria’s MD&A, which is posted on Savaria’s website
at www.savaria.com, and filed with SEDAR at www.sedar.com.
Forward-Looking Statements
This press release includes certain statements
that are “forward-looking statements” within the meaning of the
securities laws of Canada. Any statement in this press release that
is not a statement of historical fact may be deemed to be a
forward-looking statement. When used in this press release, the
words “believe”, “could”, “should”, “intend”, “expect”, “estimate”,
“assume” and other similar expressions are generally intended to
identify forward-looking statements. It is important to know that
the forward-looking statements in this document describe the
Corporation’s expectations as at the date hereof, which are not
guarantees of future performance of Savaria or its industry, and
involve known and unknown risks and uncertainties that may cause
Savaria’s or the industry’s outlook, actual results or performance
to be materially different from any future results or performance
expressed or implied by such statements. The Corporation’s actual
results could be materially different from its expectations if
known or unknown risks affect its business, or if its estimates or
assumptions turn out to be inaccurate. A change affecting an
assumption can also have an impact on other interrelated
assumptions, which could increase or diminish the effect of the
change. As a result, the Corporation cannot guarantee that any
forward-looking statement will materialize and, accordingly, the
reader is cautioned not to place undue reliance on these
forward-looking statements. Forward-looking statements do not take
into account the effect that transactions or special items
announced or occurring after the statements are made may have on
the Corporation’s business. For example, they do not include the
effect of sales of assets, monetizations, mergers, acquisitions,
other business combinations or transactions, asset write-downs or
other charges announced or occurring after forward-looking
statements are made.
Unless otherwise required by applicable
securities laws, Savaria disclaims any intention or obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise. The
foregoing risks and uncertainties include the risks set forth under
“Risks and Uncertainties” in Savaria’s latest Annual MD&A as
well as other risks detailed from time to time in reports filed by
Savaria with securities regulators in Canada.
Results Webcast and conference call on
March 25, 2021, at 8:30 a.m. (ET)
Savaria will host a conference call on Thursday,
March 25, 2021 at 8:30 a.m. Eastern Time with financial analysts to
discuss results of the quarter and fiscal year ended December 31,
2020. Investors and members of the media are invited to participate
on a listen-only basis.
Conference call access:
Local Dial-in Numbers: (647) 427-7450 or (514)
807-9895
North American Toll Free Number: 1 (888)
231-8191Webcast (EN):
https://produceredition.webcasts.com/starthere.jsp?ei=1442073&tp_key=715ed9732f link
to the replay of the webcast will be available on the Corporation’s
website at www.savaria.com
For further information: |
|
|
Marcel BourassaChairman, President and Chief Executive
Officer1.800.661.5112 |
Stephen Reitknecht, CPA, CAChief Financial Officer1.800.661.5112,
ext. 3370sreitknecht@savaria.com |
Nicolas Rimbert, CFAVice President, Corporate
Development1.800.931.5655, ext. 239nrimbert@savaria.com |
www.savaria.com Facebook :
www.facebook.com/savariabettermobility Twitter: twitter.com/Mobilityforlife
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